Latest Supreme Court Decision Sets New Standards for Inventiveness
Benefit of invention now a more important factor for inventiveness
June 11, 2020
South Korea Set to Launch Corruption Investigation Office for High-Ranking Officials & Its Implications
Despite strong protests by the main opposition party and conservative groups, on January 14, 2020, the Korean National Assembly passed a controversial bill setting up an independent investigation agency dedicated to investigating corruption among highranking public officials (the Corruption Investigation Office, or the CIO). And on July 15, 2020, the Act on the Establishment and Operation of the Corruption Investigation Office for High-Ranking Officials (the CIO Act) is set to take effect.
June 3, 2020
Amendments to the Pharmaceutical Affairs Act to Strengthen Administrative & Criminal Sanctions for Data Manipulation Related to Applications for Regulatory Approvals
On April 7, 2020, an amendment to the Pharmaceutical Affairs Act (the 'PAA') came into effect to provide a statutory basis for administrative and criminal sanctions to be enforced against companies that have obtained regulatory approval for a drug product through deceitful or otherwise improper means.
May 5, 2020
COVID-19 Impact on Asset-Backed Securitization Transactions
The recent COVID-19 pandemic is expected to have a significant impact on the financial market and financial transactions, including asset-backed securitization transactions (ABS Transactions). This newsletter aims provide you with an overview of the issues relating to ABS Transactions resulting from the COVID-19 pandemic.
As ABS Transactions usually involve the execution of a large number of complex contracts by multiple parties, we believe it is important to assess the potential impact of COVID-19 on such transactions in advance to prepare for the inevitable changes and challenges that the market will face.
April 29, 2020
Korean Supreme Court Reaffirms Prior Ruling on Illegal Search Warrants
Recently, the Korean Supreme Court held that the seizure is unlawful if a government investigator only shows the cover page of a warrant when seizing an item, such as a mobile phone from a suspect, despite the suspect's request to see the other parts of the warrant.¹
This decision is in line with the Supreme Court's more recent trend of requiring stricter abidance of the criminal procedures.
April 28, 2020
COVID-19 : Government Measures to Compensate Landlords and Tenants
1. Government Order to Close or Shut Down Premises
A) Compensation Available under the Infectious Disease Control and Prevention Act (IDCPA)
April 22, 2020
Korea's Tariff & Trade Policy Responses to Mitigate Impact of COVID-19
With the continued spread of COVID-19 and the severe impact on the global economy, here in Korea, the domestic supply of personal hygiene and healthcare products is dwindling (e.g, face masks and hand sanitizers). Both exporters and importers in Korea have been significantly impacted.
In response, the Korean government has tightened the regulation on the supply and demand of healthcare products. Further, the government is in the midst of developing policies to support exporters and importers, mainly through tax relief measures, and the government is expected to announce additional support programs.
April 8, 2020
Act on Reporting & Use of Specific Financial Information Amended – Key Implications
Despite the high risks for misuse of virtual asset transactions for money laundering and terrorist financing, there has been an absence of legal framework to prevent such risks in Korea due to the anonymity of virtual asset transactions.
March 18, 2020
Amended Act on Reporting and Using Specified Financial Transaction Information Now Governs Virtual Assets
The amendment to the Act on Reporting and Using Specified Financial Transaction Information (hereinafter, the Specified Financial Information Act), which defines cryptocurrency as a virtual asset and focuses on a reporting system for cryptocurrency exchanges, was ratified in the National Assembly's plenary session on March 5, 2020.
March 18, 2020
Korean Commercial Code Amended to Require Greater Transparency by Listed Companies When Convening General Shareholders Meetings
On January 29, 2020, the amendment to Article 31(3) of the Korean Commercial Code became effective, specifying what listed companies must include in its notification to shareholders when convening an annual meeting for the purpose of appointing directors and auditors (or audit committee members).
March 11, 2020
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Items You Might Have Missed
Sanjo’s “Silent Spring”
Confucius saw music as a device for self-cultivation, a vehicle of self-expression, a force of social stability, a political tool, and a medium of communion between man, nature, and supernatural powers. Psy brings us “Hangover.”
June 9, 2016
Korea’s KFTC At the Crossroads Between Antitrust and Intellectual Property
The KFTC’s recent amendment of its IPR Guidelines is a signal to the world of its increasing sophistication and aggressiveness.
June 9, 2016
Like It Or Not, Korean Companies Face E-Discovery Issues Even In Arbitration
Though changes in the US Federal Discovery Rules as well as case law such as Zubulake have escalated the Electronically Stored Information ( ESI) costs as it relates to electronic discovery or discovery of ESI documents and information (E-Discovery) in the US, Korean companies have remained relatively complacent about it until the Dupont v Kolon case.
June 29, 2016
Longing for a Way of Life We Once Chose to Transform
Two years ago, the world’s biggest IKEA came to Seoul. Larger than the chain’s Stockholm store, its floor space rivals that of the Louvre Museum in Paris.
June 29, 2016
The Strange, Secret, Wondrous Life of Information
We all know information is important to doing business. It has always been so. It is said that the first use of the telescope was to see distant trade ships coming on the horizon and to, thereby, get an edge in negotiating with sellers who were still unaware that additional supply was soon to arrive. More information, better information, equaled business advantage then and it still does today. A good understanding of the nature and tendencies of information would seem to be very valuable in that case. So let’s examine some of the interesting things about information itself both for business in general, and in particular where it applies to predicting what is going to happen next.
June 29, 2016